Prior to the dissolution of a partnership the partners undertake a revaluation of its assets and liabilities. It was ascertained that the market value of merchandise inventory is P3,000 greater than its current book value, and that this is the only account that requires revaluation. Which of the following will be a component of the journal entry to account for this revaluation? credit to cash debit to merchandise inventory debit to each partner's capital account credit to merchandise inventory

Prior to the dissolution of a partnership the partners undertake a revaluation of its assets and liabilities. It was ascertained that the market value of merchandise inventory is P3,000 greater than its current book value, and that this is the only account that requires revaluation. Which of the following will be a component of the journal entry to account for this revaluation? credit to cash debit to merchandise inventory debit to each partner's capital account credit to merchandise inventory

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BD

See similar textbooks